Mowi ASA

Earnings Release • Aug 23, 2023

Another record-breaking quarter for Mowi

Another record-breaking quarter for Mowi

(Bergen, 23 August 2023) Mowi recorded all-time high revenue of 1 365 million

euros in the second quarter of 2023, compared with 1 232 million euros in the

corresponding quarter of 2022. Operational profit was also strong at 300 million

euros in the quarter.

Mowi delivered yet another record-breaking set of results in the second quarter,

driven by strong operational performance in all business areas in addition to

good prices.

"Strong volumes, good salmon prices and, most importantly, excellent operational

performance by my 11 500 colleagues across the world, resulted in a new record-

breaking quarter for Mowi. I am very pleased to see continuous improvement over

time throughout the value chain," Mowi CEO Ivan Vindheim said.

Mowi harvested 107 500 tonnes of salmon in the quarter, above guidance of

104 500 tonnes. Full-year harvest guidance for 2023 remains unchanged at an all-

time high 484 000 tonnes, equal to growth of 4.4% year-over-year. This is above

projected industry growth of 0.6% and continues Mowi's solid growth trajectory

which has surpassed that of the wider industry since 2019.

"Our growth in harvest volumes in recent years is encouraging. In the second

quarter, biological performance was positively impacted by improved production

and survival rates compared with one year ago," Vindheim said.

Consumer Products delivered a seasonally record-high quarter on strong yields

and improved operational efficiency. Consumer demand continued to be good,

volumes improved, and average prices increased.

"I am impressed by the organisation's commitment and performance both upstream

and downstream. We continue to capture market share and capitalise on our

advantages as a global, integrated company. Our branding efforts continue

unabated, and the MOWI brand now has a truly global footprint, being present in

18 markets, with focus on further growth," Vindheim said.

Mowi's feed division also had a strong quarter, recording its best-ever second

quarter earnings.

"Sold volumes were seasonally record-high on the back of continued strong growth

in sea, which demonstrates the high quality of our feed. Feed composition,

effective sourcing, feed performance analysis and collaboration between Feed,

Farming and R&D divisions are all key ingredients for the success of our feed

strategy," Vindheim said.

On 31 May, the Norwegian Parliament approved the implementation of a 25%

resource rent tax on salmon farming with effect from 1 January 2023. Including

corporate taxes this equates to a marginal tax level of 47%.

"We are of course very disappointed by the Parliament's decision, which has

already proved costly for value creation in the industry as investments worth

NOK 40 billion have been put on hold. However, we have not given up on turning

this around. We also intend to pursue our legal interests," Vindheim said.

Mowi's Board has decided to pay a quarterly dividend of NOK 2.00 per share.

For further information, please contact:

Kristian Ellingsen, CFO, +47 905 14 275

Kim Galtung Døsvig, IR Officer & Head of Treasury, +47 908 76?339

Ola Helge Hjetland, Group Communications Director, +47 970 67 932

About Mowi ASA

Mowi is one of the world's leading seafood companies and the largest producer of

farm-raised Atlantic salmon in the world, with an estimated harvest for 2023 of

484 000 tonnes from seven farming countries including Norway, Scotland, Ireland,

Faroes, Iceland, Canada and Chile.

Mowi is a fully integrated global seafood company, bringing salmon and other

seafood of supreme quality to consumers around the world, partly under our own

MOWI brand. Mowi is ranked as the most sustainable listed animal protein

producer in the world by Coller FAIRR.

With headquarters in Bergen, Norway, Mowi employs 11 500 people in 25 countries

worldwide, and is listed on the Oslo Stock Exchange. Turnover was EUR 4.9

billion in 2022.

For more information, please visit www.mowi.com (http://www.mowi.com).

Forward looking statements

This release may be deemed to include forward-looking statements, such as

statements that relate to Mowi's goals and strategies, salmon prices, ability to

increase or vary harvest volume, production capacity, trends in the seafood

industry, restructuring initiatives, exchange rate and interest rate

fluctuations, expected research and development expenditures, business prospects

and positioning with respect to market, demographic and pricing trends,

strategic initiatives, and the effects of any extraordinary events and various

other matters (including developments with respect to laws, regulations and

governmental policies regulating the industry and changes in accounting

policies, standards and interpretations) on Mowi's business and results.

Forward-looking statements are typically identified by words or phrases, such as

"believe," "expect," "anticipate," "intend," "estimate," "may increase," "may

fluctuate," "plan," "goal," "target," "strategy," and similar expressions or

future or conditional verbs such as "may," "will," "should," "would," and

"could." Forward-looking statements are Mowi's current estimates or expectations

of future events or future results. Actual results could differ materially from

those indicated by these statements because the realization of those results is

subject to many risks and uncertainties. Mowi ASA's Annual

Report contains additional information about factors that could affect actual

results, including: changes to the price of salmon including the value of our

biological assets; hedging risks; risks related to fish feed; economic and

market risks; environmental risks; operational risks; risks related to escapes,

disease and sea lice; product risks; risks related to our acquisitions;

financing risks; regulation risks including relating to food safety, the

aquaculture industry, processing, competition, anti-trust and anti-corruption;

trade restriction risks; litigation risks; tax and accounting risks; strategic

and competitive risks; and reputation risks. All forward-looking statements

included in this release are based on information available at the time of the

release, and Mowi assumes no obligation to update any forward-looking

statement.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.